Cyprus is expected to release an amendment to the Naturalisation of Investors in Cyprus by Exception in June 2018. The main objective of the amendment is to preserve the value and standing of the Cypriot Citizenship that is granted through the investment scheme. The changes will introduce a regulatory body that governs the promotion of the programme by Cypriot entities. The marketing guidelines will also be set through this legislation. For example, the use of the picture of the Cypriot passport will no longer be permitted.
A slight change to the proposed processing time may be introduced. Currently, an application is promised to be processed and approved within 90 business days from the date of submission. An approved investor will then have to wait for the elapse of 6 months since the initial date of submission (as the initial date of submission marks the grant of Permanent Residence status) before they are naturalized. The new legislation will now promise 180 days of processing after which the approval and naturalization will occur at the same time.
